India’s largest bike taxi platform, Rapido, today announced that it has raised USD 180 million in its latest series D round of funding. The latest round of fundraising was led by the new investor Swiggy and it also saw investment from TVS Motor Company, along with its existing investors, Westbridge, Shell Ventures, and Nexus Ventures. The capital is said to be utilized to build the team, strengthen tech capabilities, and enhance the consumer & captain experience.
Rapido says that the funds would be leveraged to bolster its technology, amplify its teams across diverse sets of capabilities, increase overall supply to create an enhanced consumer experience across a larger audience base in metros, tier 1, 2, and 3 cities, and ensure seamless last-mile connectivity. The company will be investing these funds in all its three categories, viz. bike-taxi, auto, and delivery, to enhance its captain earnings and improve customer experience in 100+ cities the company operates in.
Announcing the fund-raising, Aravind Sanka, Co-Founder, Rapido, “We, at Rapido, are grateful to our existing and new investors for giving impetus to our vision. We look forward to learning from Swiggy’s experience to scale up throughout the country and enhance our captains’ / customers’ experience, who are the backbone of our business. Besides, TVS Motor, who are very passionate about EVs and the future of mobility, will help us in further expansion.”
“We hold a lot of respect for the resilience Rapido has displayed in transforming the mobility and logistics space in India,” said Sriharsha Majety, Co-founder and CEO of Swiggy. He added, “Swiggy and Rapido share a vision to build a logistics platform that empowers riders through more opportunities and higher earnings. While we’ve already been working together, this investment facilitates closer alignment to leverage the synergies between the platforms and improve the value we provide to both consumers and delivery executives/captains across the country.”
Speaking at the occasion, Sudarshan Venu, Joint Managing Director, TVS Motor Company, said, “India’s growth and particularly that of the digital economy is driving urban transformation and we are very excited about it. TVS Motor has always been at the forefront of driving the mobility transformation and today, we are glad to partner with Rapido, an emerging leader in the ride-sharing segment across India led by its dynamic founders Aravind, Pavan and Rishikesh, I am sure this partnership will help us drive common initiatives and grow together.”